Siegel v. Chicago Trust & Savings Bank

The single question in this case is whether instruments in this form— are promissory notes, so that an assignee may recover on them, though the consideration failed; the assignee having taken them before the time for the consideration to commence had arrived, for value, and with no notice that the consideration was likely to fail.

“Form 8. Dalziel’s Railway Advertising.

“$300.00. Chicago, March 5,1887.

“On July 1, 1887, we promise to pay D. Dalziel, or order, the sum of three hundred dollars for the privilege of one framed .advertising sign, size............one end of each of 159 street cars of…